7% drop was huge , we should have looked at this Saudi Index , as it was mentioned as barometer by some news analyst 2 days ago for OIL markets with respect to "Unrest spread to Saudi Arabia fear" indicator ..
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http://www.telegraph.co.uk/finance/...-20-month-low-on-protest-contagion-fears.html
Saudi Arabia shares hit 20-month low on protest contagion fears
Saudi Arabia's stock market tumbled nearly 7pc to a 20-month low on Tuesday after authorities held a Shi'ite cleric, raising fears unrest will spread to worldâs biggest exporter of oil and the largest Arab economy.
The benchmark Tadawul All Share Index dropped 6.8pc to 5,539 points, with Saudi Basic Industries, the worldâs biggest petrochemicals maker, sliding 7.8pc.
The index has lost 20pc since reaching its 2010 high, taking it into bear market territory.
"Reports of some arrests of a cleric sparked the drop. There is now a big fear of contagion in Saudi," says Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments. "However, things are not completely clear as stocks continuing falling. There's no clear answer at this point."
Saudi authorities detained a Shi'ite cleric in the Eastern Province after he called for a constitutional monarchy and an end to corruption and discrimination, human rights activists told Reuters on Tuesday.
Saudi's Shi'ite minority, believed to be 10pc-15pc of the 18m Saudi population, has long complained of discrimination, a charged denied by the authorities.
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http://www.marketwatch.com/story/sa...exchange-stays-closed-2011-03-01?pagenumber=2
SAN FRANCISCO (MarketWatch) â Stocks in Saudi Arabia tumbled nearly 7% Tuesday, extending their recent losses, as fears escalated that political unrest will continue to spread across the Middle East and North Africa.
The Tadawul All Share index (XX:TASI 0.00, 0.00, 0.00%) closed down 6.8% at 5,538.72, bringing its year-to-date losses to more than 16%. The index stands at its lowest level since July of 2009.
In Turkey, the ISE National 100 benchmark stock index (XX:XU100 58,709, -2,575, -4.20%) fell 4.2% in intraday trading.
âMarkets are nervous about the impact of social media on stability across the region including Saudi Arabia,â said Matt Lasov, practice leader of Frontier Strategy Groupâs Quantitative Analytics.
âThere are numerous facebook groups currently calling for protests in Saudi Arabia,â he said in emailed comments. âSaudi Arabia, like other markets in the region, is characterized by a disproportionately large under-25 population that is underemployed and well-connected online.â
âThis has proved to be a dangerous combination of forces in other markets in the region,â he said. âWe are seeing the increased risk of contagion being priced into local markets.â
âWe are seeing the increased risk of contagion being priced into local markets.â
Matt Lasov, Quantitative Analytics
Other markets in the Middle East and North Africa ended mixed.
The Qatar Exchangeâs benchmark QE Index ticked 0.1% higher. The Abu Dhabi Securities Exchangeâs General Index slipped 0.6%.
On the Dubai Financial Market, the benchmark DFM Index (XX:UAEDFMGEN 1,425, +14.06, +1.00%) advanced 1%, recovering some ground after its selloff Monday.
